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CFTC lawyers will question the founder of Peregrine Financial Group for their lawsuit contending that U.S. Bank mishandled Peregrine customers’ funds while Wasendorf carried out his $215 million fraud over 20 years.

CFTC claims that U.S. Bank unlawfully accepted customer funds as security on loans it made to Wasendorf, and knowingly allowed him to transfer customers’ funds to pay for business dealings and personal expenses.

U.S. Bank denies wrongdoing. Wasendorf is serving a 50-year term.

Oil ends the year at $98 a barrel

The price of oil retreated from its recent high to end the year at $98.42 Tuesday.

The price fell 87 cents from Monday’s close and was down from Friday’s settlement of $100.32, the first triple-digit close since Oct. 18.

At the gas pump, the average price for a gallon of gasoline is $3.32. That’s up 6 cents from a week ago, and up 3 cents from this time last year.

Brent crude, a benchmark for international oils, was down 41 cents at $110.80 a barrel on the ICE exchange in London.

Consumer confidence rises on job outlook

Consumers’ confidence in the economy swelled in December on a better outlook for hiring and growth.

The Conference Board says its index of consumer confidence rose to 78.1 in December, up from 72 in the previous month. November’s figure was revised up from 70.4. The December increase followed three months of declines.

Americans expressed more confidence that steady job gains would continue.

Target reveals gift card snafu

Another lump of coal hit Target this holiday season.

The nation’s second-largest discount retailer says than an unidentified number of gift cards sold over the holidays were not properly activated. The Minneapolis chain says the number of cards affected was less than 0.1 percent of the total sold and that it will honor the affected cards.

Customers can bring faulty cards to any Target service desk or call 800-544-2943 for help.